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Karachi, During the 7th Annual General Meeting held on June 17, 2023, the shareholders of Pakistan International Airlines Corporation Limited (PIACL) passed several significant resolutions that will shape the future of the company.
The first resolution, “Audited Accounts for the year ended December 31, 2022 adopted,” saw unanimous agreement from the shareholders, endorsing the Audited Accounts along with the reports from both the Auditors and Directors.
Another crucial resolution pertained to the appointment of external auditors for the fiscal year 2023. The shareholders passed a resolution to appoint Messrs Grant Thornton & Co and Messrs BDO Ebrahim & Co as joint External Auditors of PIACL for FY 2023. The auditors will be responsible for various tasks, including the Annual Audit of Financial Statements (Unconsolidated and Consolidated), Half-Yearly Review, Review Report on Statement of Compliance, and associated out-of-pocket expenses. The total consolidated fee for their services will not exceed Rs. 22.36 Million.
The meeting also addressed the issue of Directors’ remuneration. Shareholders passed a resolution amending Para 79 (viii) of the Minutes of the 33rd Board Meeting held on May 29, 2019. The amendment stipulates that Directors and their families shall be entitled to the issuance of annual entitlement tickets only during their directorship period. Any tickets issued and/or unutilized segments of tickets at the date of ceasing directorship can be availed within the remaining validity period.
Additionally, a resolution was passed to authorize Pakistan International Airlines Corporation Limited to circulate its Annual Report, which includes the Annual Audited Financial Statements, Auditor’s Report, Directors’ Report, Chairman’s review, and other reports, to the members of the company through a QR-enabled code and web link. This move aims to enhance accessibility and streamline the dissemination of important financial information to shareholders.
The resolutions passed in the Annual General Meeting demonstrate the shareholders’ confidence in the direction and management of PIACL. These decisions will shape the company’s future and ensure transparency, accountability, and adherence to regulations in various areas, including financial reporting, auditing, and remuneration.
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